Second last trillion was taken out of Russia’s Reserve Fund

After a pause that lasted 3 months, the Ministry of Finance resumed spending of the Reserve Fund.

Last time the money from the Reserve Fund were transferred to the budget this August in the amount of 390 billion rubles (approx. $6 billion – RRT). In total, 1.17 trillion rubles ($18.5 billion – RRT) were taken out of the reserves since the beginning of the year.

In December, the Fund, which currently contains 2.03 trillion rubles ($32 billion – RRT), will release another 930 billion rubles ($14.7 billion – RRT), said the head of the Ministry of Finance Anton Siluanov.

After December’s spendings, the Reserve Fund will only contain about 1 trillion rubles ($15.8 billion – RRT). At the beginning of 2015 it had 4.9 trillion rubles ($77.4 billion – RRT).

According to the draft budget for the 2017-19, the remaining money will be fully spent in the next year, and further financing of the deficit will be at the expense of the National Wealth Fund, which had 4.63 trillion rubles ($73 billion – RRT) at the beginning of December.